The IPO prospectus for Asian restaurant chain Kaiso, founded and operated by Rotem Tahan and Noam Gavai across 8 branches in central Israel, revealed for the first time, in unusually granular detail, an Israeli restaurant chain's financial dependence on a delivery platform. According to Globes (29.05.2026), the company — aiming to be the first of its kind listed on the Israeli stock exchange — reports 2025 revenue of NIS 307 million (up 15% year-over-year) and net profit of NIS 25 million (an 8% margin, up 57%). Average customer spend stands at NIS 150, and the 2026 EBITDA projection ranges between NIS 47-55 million (about 22.5% growth). According to Globes, delivery and takeout make up 41% of total revenue (about NIS 126 million), with Wolt alone accounting for about 22% of the company's total revenue (about NIS 67.5 million) — meaning roughly 53% of the delivery channel's income. The flagship branch, in Kiryat Ono, generated NIS 66.2 million in revenue in 2025 with NIS 9.6 million in EBITDA, while the chain's smallest branch (Notz, in Ramat Hasharon, 100 seats) posted the highest profit margin, at 19%. Opening a new branch costs about NIS 20,000 per square meter and takes 9-12 months on average, though the company projects positive cash flow within just 4 months of opening. The prospectus also notes that about 800 restaurants closed in Israel in 2024 alone — twice the number of new openings. The company's founders are expected to receive about NIS 52 million each from the offering; CEO Adi Englander and VP of Operations Doron Gat received an annual salary of NIS 528,000, compared to NIS 600,000 for the founders. Calcalist (27.05.2026) similarly published the headline figure — 41% of Kaiso's revenue comes from delivery. TheMarker (28.05.2026) focused on the Wolt-dependency angle, citing an estimate that Wolt accounts for over a fifth (more than 20%) of Kaiso's revenue — consistent with Globes's 22% figure — but also cited a different number: an annual transfer from Wolt to Kaiso of only about NIS 15 million from the eight branches, a figure significantly lower than the NIS 67.5 million Globes attributes to Wolt's share of total company revenue (see the source discrepancy note).
The Prospectus That Revealed Everything: How Much Wolt Is Really Worth to Restaurant Chain Kaiso
Asian restaurant chain Kaiso, on its way to a Tel Aviv Stock Exchange IPO, published a prospectus that reveals for the first time detailed data on a restaurant chain's financial dependence on a delivery platform — and according to the numbers, Wolt accounts for a substantial share of the company's revenue.
Why it matters
This is the first public disclosure in Israel of the level of financial dependence a modern restaurant chain has on a single delivery platform — a figure normally kept confidential under commercial agreements. The prospectus illustrates just how central Wolt has become to the restaurant business model in Israel, and for the first time provides precise numbers for the public debate over that dependence.
What's next
If the IPO succeeds, other restaurant chains may consider similar listings, which could expose more Wolt-dependency data to the market. The gap between Globes's and TheMarker's figures for the annual transfer amount from Wolt may also prompt further scrutiny in the financial press.
Verified facts
- Kaiso (8 Asian restaurants, founded by Rotem Tahan and Noam Gavai) is heading toward an IPO valued at about NIS 400 million, the first of its kind on the Israeli stock exchange (Globes)
- 2025 revenue: NIS 307 million (+15%); net profit NIS 25 million (8% margin, +57%) (Globes)
- Delivery and takeout = 41% of revenue (about NIS 126 million) (Globes, Calcalist, TheMarker)
- Wolt = about 22% of Kaiso's total revenue (about NIS 67.5 million), per Globes; TheMarker reports a different figure — an annual transfer of only about NIS 15 million from Wolt across the eight branches (see source discrepancy)
- Opening a new branch: about NIS 20,000 per square meter, 9-12 months on average, positive cash flow within 4 months (Globes)